The Commonwealth Bank of Australia today announced that its chairman Mr David Turner will retire from the board at the end of December 2016. He will be succeeded as chairman by current non-executive director Ms Catherine Livingstone AO.
Mr Turner has been a member of CBA’s Board since 2006, and has served as chairman since the beginning of 2010.
Commenting on his decision to retire from the board, Mr Turner said: “I have greatly enjoyed my time on the board of the Commonwealth Bank and especially as chairman for the past seven years. It has been a privilege to work with an exceptional board and management team.
“The strength of CBA meant that following the global financial crisis it was able to continue supporting its customers, accelerate innovation and fulfil its vital role in the broader Australian economy. It has been exciting to be chairman of the bank in such a fast changing environment.”
Ms Livingstone has been a non-executive director of CBA since March 2016. She was formally chairman of Telstra Corporation and chief executive officer of Cochlear. She is presently president of the Business Council of Australia and will retire from that role in November 2016.
“Catherine’s strong business experience complemented by her interest in technology and innovation will mean she will be an excellent and well-qualified chairman,” said Mr Turner.
“It is an enormous honour to be appointed chairman by the board of the Commonwealth Bank of Australia. David will be stepping down from the board with a legacy of firm and decisive leadership, but always bringing a sense of compassion and humility to any discussion. His relentless focus on long-term investment in the Bank has also been coupled with a passion for driving diversity and positive community impact," said Ms Livingstone.
“I look forward to working with the board and the very strong management team to continue this focus.”